Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

Stocks of companies selling commodity-like products should come with a warning label: "Competition may prove hazardous to human wealth".

If you've got the power to raise prices without losing business to a competitor, you've got a very good business. And if you have to have a prayer session before raising the price by a tenth of a cent, then you've got a terrible business. I've been in both, and I know the difference.

Charlie and I have a number of filters that things have to get through before we'll think about them.

I am a huge bull on this country. We will not have a double-dip recession at all. I see our businesses coming back almost across the board.

Tell me your heroes and I'll tell you how your life will end up

A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them.